The Globe and Mail reports in its Tuesday, July 11, edition that Raymond James analyst Brad Sturges has reaffirmed his "market perform" recommendation for True North Commercial REIT. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Sturges gave his unit target a 25-cent trim to $3. Analysts on average target the units at $3.10. Mr. Sturges says things "could get a little darker before the dawn" for Canadian office real estate. He says the cut to his unit target reflected using a lower price to adjusted funds from operations multiple for 2023 following True North's unit price decline over the past few months and after adjusting for its monthly distribution rate in March. His comment comes following a review of the sector and CB Richard Ellis's vacancy data released last week. Mr. Sturges says, "We expect Canadian office sector fundamentals to further soften in the next two to three quarters, driven by new supply deliveries expected by year-end and due to further office space rationalization decisions made by certain office users." As a result, he expects near-term net operating income and adjusted funds from operations growth of office REITs "to remain generally muted."